Monday, October 13, 2008

Steve Forbes, a strong defender of deregulation and market forces, makes a case for the bailout, while adding cautionary notes about the future.

An excerpt: "The great danger going forward will be the political reaction. Will we apply growth-stunting regulations in the name of "never again"? Will we raise taxes in part to punish the "rich," harming the capital creation so necessary for growth? The answers will determine whether we have a Reaganesque recovery or the drawn-out stagnation of the 1930s."